Toyota to hike vehicle prices by up to Rs 24,000 from 21st September

New Delhi: Toyota Kirloskar Motor on Tuesday said it will hike prices of its key models by up to Rs 24,000 with effect from September 21, to partly offset higher cost of raw materials and rupee depreciation.

The company said the price increase of the Etios, Etios Liva, Innova and Corolla Altis will be increased by up to 1.50 percent. "Due to inflation, falling rupee and increase in the cost of materials, the company was forced to pass on the increase in cost to the customers," Toyota Kirloskar Motor said in a statement.

The company said the multi-purpose vehicle Innova will be costlier by Rs 7000 to Rs 11,000 from its current price of Rs 9.77 lakh to Rs 14.42 lakh. Sedan Corolla Altis will be dearer by Rs 11,000 to Rs 24,000 from the existing price of Rs 11.74 lakh to Rs 15.89 lakh. Mid-sized sedan Etios will see a hike ranging from Rs 4,000 to Rs 8,000 from its current price of Rs 5.45 lakh and Rs 8.15 lakh.

The company further said the compact car Etios Liva will cost Rs 4,500 to Rs 8,600 more from the present price of Rs 4.46 to Rs 6.59 lakh (all prices ex-showroom Delhi) with effect from September 21.

Earlier this month, Ford India had hiked prices by 1-5 percent on different models with immediate effect to offset rising input costs.